Bba G Iii Unit-I Ed-307 E-Notes

Chanderprabhu Jain College of Higher Studies
&
School of Law
An ISO 9001:2008 Certified Quality Institute
(Recognized by Govt. of NCT of Delhi, Affiliated to GGS Indraprastha University, Delhi)
E-Notes
Class : BBA (G) Semester-V
Paper Code : BBA (G)-307
Subject : Entrepreneurship Development
Faculty Name : Mr. Aman Garg
Unit-I
Entrepreneurship
The word “entrepreneur” is derived from the French verb “entreprendre”, which
means ‘to undertake’. This refers to those who “undertake” the risk of new
enterprises. An enterprise is created by an entrepreneur. The process of creation is
called “entrepreneurship”.
Meaning
Entrepreneurship is a process of actions of an entrepreneur who is a person always

in search of something new and exploits such ideas into gainful opportunities by
accepting the risk and uncertainty with the enterprise. It is the process of starting a
business, a startup company or other organization. The entrepreneur develops
a business plan, acquires the human and other required resources, and is fully
responsible for its success or failure. Entrepreneurship operates within
an entrepreneurship ecosystem.
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Definitions
According to A. H. Cole
Entrepreneurship is the purposeful activity of an individual or a group of

associated individual, undertaken to initiate, maintain or aggrandize profit by
production or distribution of economic goods and services.
According to J.A. Timmons
Entrepreneurship is the ability to create and build something from practically

nothing.
According to Musselman and Jackson
“Entrepreneurship is the investing and risking of time, money and effort to start a
business and make it successful.
Characteristics of Entrepreneurship
Entrepreneurship is characterized by the following features:
1. Economic and dynamic activity
Entrepreneurship is an economic activity because it involves the creation and

operation of an enterprise with a view to creating value or wealth by ensuring
optimum utilization of scarce resources. Since this value creation activity is
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performed continuously in the midst of uncertain business environment, therefore,

entrepreneurship is regarded as a dynamic force.
2. Related to innovation
Entrepreneurship involves a continuous search for new ideas. Entrepreneurship

compels an individual to continuously evaluate the existing modes of business
operations so that more efficient and effective systems can be evolved and adopted.
In other words, entrepreneurship is a continuous effort for synergy (optimization of
performance) in organizations.
3. Profit potential
“Profit potential is the likely level of return or compensation to the entrepreneur for
taking on the risk of developing an idea into an actual business venture.” Without
profit potential, the efforts of entrepreneurs would remain only an abstract and a
theoretical leisure activity.
4. Risk bearing
The essence of entrepreneurship is the ‘willingness to assume risk’ arising out of

the creation and implementation of new ideas. New ideas are always tentative and
their results may not be instantaneous and positive. An entrepreneur has to have
patience to see his efforts bear fruit. In the intervening period (time gap between
the conception and implementation of an idea and its results), an entrepreneur has
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to assume risk. If an entrepreneur does not have the willingness to assume risk,
entrepreneurship would never succeed.
5. Skillful management
Entrepreneurship involves skillful management. The basic managerial skill is the

most important characteristic feature of entrepreneurship. For effective
management of an enterprise, the role of an entrepreneur is to initiate and supervise
design of organization improvement projects in relation to upcoming opportunities
is very much important.
6. Accepting challenges
Entrepreneurship means accepting challenges amidst risk and uncertainty. While

accepting entrepreneurship as a career the entrepreneur accepts the challenges of
all odds and puts his efforts to convert the odds into viable business opportunities
by pooling together the resources of building and running the enterprise.
7. Goal-oriented Activity
The entrepreneur who creates and operates enterprises seeks to earn profits through
satisfaction of needs of consumers; hence, entrepreneurship is a goal-oriented
activity. Entrepreneurship emphasizes results, achievements and targets achieved.
It is work done not imaginary plans or paper decisions. Hence entrepreneurship is a
goal-oriented activity.
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8. Value Creation
Next, we find that the process of creating value is a characteristic in describing

entrepreneurship. Through entrepreneurship, new products, services, transactions,
approaches, resources, technologies, and markets are created that contribute some
value to a community or marketplace. We can also see value created when, through
entrepreneurship; resources are transformed into outputs such as products or
services. During this transformation process, value is created because the
entrepreneur is fashioning something worthwhile and useful. Drucker says, “Until
entrepreneurial act, every plant is a seed and every mineral just another rock.
9. Dynamic Process
Entrepreneurship is a dynamic function. Entrepreneur thrives on changes in the

environment, which bring useful opportunities for business. An entrepreneur deals
proactively with changing markets and environment. He looks at the changes as the
source of market advantages, not as a problem. Uncertainties are market
opportunities for him. He capitalizes on fleeting market anomalies.
10. Uniqueness
Other characteristic found in entrepreneurship is that of uniqueness.

Entrepreneurship involves new combinations and new approaches with which
entrepreneurs are willing to experiment. Through Entrepreneurship unique
products are created and unique approaches are tried. Entrepreneurship isn’t
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merely imitating what others have done. It’s doing something new, something
untested and untried – something unique.
11. Interest and Vision
The first factor for entrepreneurial success is interest. Since entrepreneurship pays
off according to performance rather than time spent on a particular effort, an
entrepreneur must work in an area that interests her. Otherwise, she will not be
able to maintain a high level of work ethic, and she will most likely fail. This
interest must also translate into a vision for the company’s growth. Even if the day-
to-day activities of a business are interesting to an entrepreneur, this is not enough
for success unless she can turn this interest into a vision of growth and expansion.
This vision must be strong enough that she can communicate it to investors and
employees.
12. Risk and Rewards
Entrepreneurship requires risk. The measurement of this risk equates to the amount
of time and money you invest into your business. However, this risk also tends to
relate directly to the rewards involved. An entrepreneur who invests in a franchise
pays for someone else’s business plan and receives a respectable income, while an
entrepreneur who undertakes ground breaking innovations risks everything on an
assumption that something revolutionary will work in the market. If such a
revolutionary is wrong, she can lose everything. However, if she is right, she can
suddenly become extremely wealthy.
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Difference between Entrepreneur and Intrapreneur
Difference between Entrepreneur and Intrapreneur
Entrepreneur Intrapreneur
An entrepreneur is independent in his An intraprenuer is dependent on the

operations entrepreneur i.e. the owner.
An entrepreneur himself raises funds The Intrapreneur does not raise funds.
required for the enterprise.
Entrepreneur bears the risk involved in the An intrapreneur does not fully bear the risk
business. involved in the enterprise.
An entrepreneur operates from outside. On the contrary, an intrapreneur operates

from within the organization itself.
An entrepreneur begins his business with a An intrapreneur sets up his enterprise after
newly set up enterprise. working someone else’s organization.
As an entrepreneur establishes new An intrapreneur establishes his business

business, so he does not poses any after gathering experiences through
experience over the business. working in the other organization.
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Entrepreneurs may find it difficult to get Intrapreneurs have their resources readily
resources available to them.
Entrepreneurs are found anywhere their Intrapraneurs work within the confines of
vision takes them. an organization.
Entrepreneurs know the business on a Intrapreneurs are highly skilled and

macro scale. specialized.
Difference between an Entrepreneur and a Manager
Basis of Difference Entrepreneur Manager
1. Motive The main motive of an But, the main motive of a

entrepreneur is to start a manager is to render his services in
venture by setting up an an enterprise already set up by
enterprise. someone else i.e., entrepreneur.
2. Status An entrepreneur is the A manager is the servant in the

owner of the enterprise. enterprise owned by the
entrepreneur.
3. Risk Bearing An entrepreneur being the A manager as a servant does not
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owner of the enterprise bear any risk involved in the

assumes all risks and enterprise.
uncertainty involved in
running the enterprise.
4. Rewards The reward an A manager gets salary as reward

entrepreneur gets for for the services rendered by him in
bearing risks involved in the enterprise. Salary of a manager
the enterprise is profit is certain and fixed.
which is highly uncertain.
5. Innovation Entrepreneur himself A manager simply execute the

thinks over what and how plans prepared by the entrepreneur.
to produce goods to meet Thus, a manager simply translates
the changing demands of the entrepreneur’s ideas into
the customers. Hence, he practice
acts as an innovator also
called a ‘change agent’
6. Qualifications An entrepreneur needs to On the contrary, a manager needs

possess qualities and to possess distinct qualifications in
qualifications like high terms of sound knowledge in
achievement motive, origi-
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nality in thinking, management theory and practice.

foresight, risk -bearing
ability and so on.
7. Focus An entrepreneur is A manager is typically concerned

someone who is concerned with sustainability, and has to
primarily with the focus on what can be done within
necessary components to the framework of what he has been
start up a business given to work with in an existing
enterprise.
8. Growth An entrepreneur begins A business manager is focused on

with the idea of the engendering growth based on
business from its inception available resources. A manager
and its potential for growth must get employees to perform at
in the long run. An optimal levels, and must make use
analysis of the market and of non-human resources to create
available resources in additional growth beyond basic
relation to the original idea sustainability
plays a primary role in his
business decisions.
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9.Objective Entrepreneur’s objective is Manager’s objective is to supervise

to innovate and create and and create routines. He implements
he acts as a change agent. the Entrepreneur’s plans and ideas.
Importance of Entrepreneurship
Entrepreneurship offers the following benefits:
1. Development of managerial capabilities
The biggest significance of entrepreneurship lies in the fact that it helps in

identifying and developing managerial capabilities of entrepreneurs. An
entrepreneur studies a problem, identifies its alternatives, compares the alternatives
in terms of cost and benefits implications, and finally chooses the best alternative.
This exercise helps in sharpening the decision-making skills of an entrepreneur.
Besides, these managerial capabilities are used by entrepreneurs in creating new
technologies and products in place of older technologies and products resulting in
higher performance.
2. Creation of organizations
Entrepreneurship results into creation of organizations when entrepreneurs

assemble and coordinate physical, human and financial resources and direct them
towards achievement of objectives through managerial skills.
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3. Improving standards of living
By creating productive organizations, entrepreneurship helps in making a wide

variety of goods and services available to the society, which results into higher
standards of living for the people. Possession of luxury cars, computers, mobile
phones, rapid growth of shopping malls, etc. are pointers to the rising living
standards of people, and all this is due to the efforts of entrepreneurs.
4. Means of economic development
Entrepreneurship involves creation and use of innovative ideas, maximization of

output from given resources, development of managerial skills, etc., and all these
factors are so essential for the economic development of a country.
5. Job Creation
We know that job creation is vital to the overall long-term economic health of
communities, regions, ad nations. Entrepreneurial ventures play very important
role in it. Small business create more jobs than large business do. During economic
recession, when large companies are on their way to retrenchment of their work
force, individuals whose jobs are eliminated find employment with small business.
The creation of jobs by small businesses is expected to continue into the future as
new firms start small and grow.
6. Innovation
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Innovating is a process of creating, changing, experimenting, transforming and

revolutionizing. Innovation is one of the key distinguishing characteristics of
entrepreneurial activity. The passionate drive and intense hunger of entrepreneurs
to forge new directions products and processes and to take risks set in motion a
series of decisions that lead to the innovations that are important for economic
vitality. Without these new ideas, economic, technological, and social progress
would be slow indeed. The “creative destruction” process of innovating leads to
technological changes and employment growth. Entrepreneurial firms act as these
“agents of change” by providing an essential source of new and unique ideas that
might otherwise go.
7. Other Contribution
Entrepreneurship in small businesses helps in distribution of products of large

business. They, thus, support the large business houses.
It offers business avenues to women and minorities. Women and minorities are
allowed the benefit of financial independence and a chance to exhibit the ability to
manage business enterprises.
1) Dispersal of economic activities to different sectors of economy and

identifying new avenues of growth.
2) Improvement of the standard of living of different weaker sections in the
society.
3) Bring socio political change in the society.
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4) Develop technological know-how.
5) Improve culture of business and expand commercial activities.
6) Entrepreneurship acts as a change agent to meet the requirements of the

changing markets and customer preferences.
7) Develop a culture of achievement orientation.
8) It helps in bringing about change and development of the civilization through

change in trade, comment be and industrialization.
9) It arouses the need for achievement in individuals, which brings about a change
in the economic scenario through economic development and growth.
10) It results in exploitation of economy’s resources, such as labour, capital and

technology to the fullest extent.
Factors affecting Entrepreneurship
Entrepreneurship is a complex phenomenon influenced by the interplay of a wide

variety of factors. The entrepreneurial activity at any time is dependent upon a
complex and varying combination of economic, social, political, psychological and
other factors. These factors may have been both positive and negative effluences
on the emergence of entrepreneurship. Positive influences constitute facilitative
and conductive conclusive for the emergence of entrepreneurship whereas negative
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influences create inhibiting milieu to the emergence of entrepreneurship.

Following factors contribute to the success of entrepreneurship:
1. Personality Factors
Personality traits such as inner desire for control of their activities, tolerance for
risk, high level of tolerance to function in adverse situations and background
experiences such as the family environment, level of education, age and work
history tolerance for ambiguity are important personal characteristics that affect
entrepreneurship. Individuals who are desirous of working independently; willing
to work for long hours and assume risk; are self-confident and hard-working are
likely to be more successful as entrepreneurs than those who do not posses these
qualities.
Personal factors, becoming core competencies of entrepreneurs, include:
(a) Initiative (does things before being asked for)
(b) Proactive (identification and utilization of opportunities)
(c) Perseverance (working against all odds to overcome obstacles and never
complacent with success)
(d) Problem-solver (conceives new ideas and achieves innovative solutions)
(e) Persuasion (to customers and financiers for patronization of his business and
develops & maintains relationships)
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(f) Self-confidence (takes and sticks to his decisions)
(g) Self-critical (learning from his mistakes and experiences of others)
(h) A Planner (collects information, prepares a plan, and monitors performance)
(i) Risk-taker (the basic quality).
2. Environmental factors
These factors relate to the conditions in which an entrepreneur has to work. If the
environment that a individual is working in is unsatisfactory, that is, not conducive
to his growth needs, it is likely that the individual will quit his job and start his
own business as an entrepreneur. Unsatisfied personal needs for growth and
achievement in employment conditions results in successful entrepreneurship.
3. Political
Some researchers felt that the growth of entrepreneurship cannot be explained

fully unless the political set-up of a country is taken into consideration. Political
stability in a country is absolutely essential for smooth economic activity. Frequent
political protests, strikes, etc. hinder economic activity and entrepreneurship.
Unfair trade practices, irrational monetary and fiscal policies, etc. are a roadblock
to the growth of entrepreneurship
4. Socio-Economic Factors
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The entrepreneurial activity at any time and place is governed by varying

combination of socio-economic factors. The empirical studies have identified the
following socioeconomic factors:
Cast/religion
Family background
Level of Education
Level of perception
Legitimacy of Entrepreneurship
Migratory character
Social Mobility
Social Security
Investment capacity
Ambition/motivation
5. Economic Factor
Factors such as availability of finance, labor, land, accessibility of customers,

suppliers are the factors that stimulate entrepreneurship. Capital is one of the most
important prerequisites to establish an enterprise. Availability of sufficient capital
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affects the introduction, survival and growth of a business enterprise. Capital is

regarded as lubricant to the process of production. If we increase in capital
investment, capital output ratio also tends to increases. This results in increase in
profit, which ultimately goes to capital formation. Due to this capital supply
increase, entrepreneurship also increases.
6. Other Factors
Entrepreneurial Education
More and more people with high academic attainments started joining the ranks of
industrialists, especially the professionals holding qualifications in engineering,
law, medicine, cost and chartered accounting. The newer entrepreneurs have a
larger proportion of their floatation in the traditional sector, but these professionals
have by and large preferred to make their investments in modern sector. The
technicians in particular among both old and new entrepreneurs have entered
industries in the modern sector having a bearing of their academic qualifications.
Many universities and institutes are nowadays offering entrepreneurship education.
A number of institutes have set up successful entrepreneurship centers, which
provide help to budding entrepreneurs by conducting formal training and
structured mentoring programs.
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Many entrepreneurial theorists have propounded theories of entrepreneurship that

concentrate especially upon psychological factors. These are as follows:
1. Need Achievement
The most important psychological theories of entrepreneurship were put forward in

the early1960s by David McClelland. According to McClelland ‘need
achievement’ is social motive to excel that tends to characterize successful
entrepreneurs, especially when reinforced by cultural factors. He found that certain
kinds of people, especially those who became entrepreneurs, had this
characteristic. Moreover, some societies tend to reproduce a larger percentage of
people with high ‘need achievement’ than other societies. McClelland attributed
this to sociological factors. Differences among societies and individuals accounted
for ‘need achievement’ being greater in some societies and less in certain others.
Analyzing this phenomenon, Paul Wilken has said, “entrepreneurship becomes the
link between need achievement and economic growth”, the latter being a
specifically social factor.
The theory states that people with high need-achievement are distinctive in several
ways. They like to take risks and these risks stimulate them to greater effort. The
theory identifies the factors that produce such people. Initially McClelland
attributed the role of parents, specially the mother, in mustering her son or
daughter to be masterful and self-reliant. Later he put less emphasis on the parent-
child relationship and gave more importance to social and cultural factors. He
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concluded that the ‘need achievement’ is conditioned more by social and cultural
reinforcement rather than by parental influence and such related factors.
2. Withdrawal of Status Respect
There are several other researchers who have tried to understand the psychological
roots of entrepreneurship. One such individual is Everett Hagen who stresses the-
psychological consequences of social change. Hagen says, at some point many
social groups experience a radical loss of status. Hagen attributed the withdrawal
of status respect of a group to the genesis of entrepreneurship. Giving a brief
sketch of history of Japan, he concludes that it developed sooner than any non-
western society except Russia due to two historical differences. First, Japan had
been free from colonial disruption and secondly, the repeated long continued
withdrawal of expected status from important groups in its society led them to the
technological progress through entrepreneurial roles.
Hage believes that the initial condition leading to eventual entrepreneurial behavior
is the loss of status by a group. He postulates that four types of events can produce
status withdrawal:
(a) The group may be displaced by force;
(b) It may have its valued symbols denigrated;
(c) It may drift into a situation of status inconsistency; and
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(d) It may not be accepted the expected status on migration in a new society.
He further postulates that withdrawal of status respect would give rise to four
possible reactions and create four difference personality types:
(a) Retreatist: He who continues to work in a society but remains different to his
work and position;
(b) Ritualist: He who adopts a kind of defensive behavior and acts in the way
accepted and approved in his society but no hopes of improving his position;
(c) Reformist: He is a person who foments a rebellion and attempts to establish a

new society; and
(d)Innovator: He is a creative individual and is likely to be an entrepreneur.
Hagen maintains that once status withdrawal has occurred, the sequence of change
in personality formation is set in motion. He refers that status withdrawal takes a
long period of time – as much as five or more generations – to result in the
emergence of entrepreneurship.
3. Motives
Other psychological theories of entrepreneurship stress the motives or goals of the

entrepreneur. Cole is of the opinion that besides wealth, entrepreneurs seek power,
prestige, security and service to society. Stepanek points particularly to non-
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monetary aspects such as independence, persons’ self-esteem, power and regard of

the society.
On the same subject, Evans distinguishes motive by three kinds of entrepreneurs:
(a) Managing entrepreneurs whose chief motive is security.
(b) Innovating entrepreneurs, who are interested only in excitement.
(c) Controlling entrepreneurs, who above all other motives- want power and
authority.
Finally, Rostow has examined intergradational changes in the families of

entrepreneurs. He believes that the first generation seeks wealth, the second
prestige and the third art and beauty.
4. Others
Thomas Begley and David P. Boyd studied in detail the psychological roots of
entrepreneurship in the mid 1980s. They came to the conclusion that
entrepreneurial attitudes based on psychological considerations have five
dimensions:
First came ‘need-achievement’ as described by McClelland. In all studies of

successful entrepreneurs a high achievement-orientation is invariably present.
The second dimension that Begley and Boyd call ‘locus of control’ This means that
the entrepreneur follows the idea that he can control his own life and is not
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influenced by factors like luck, fate and so on. Need-achievement logically implies
that people can control their own lives and are not influenced by external forces.
The third dimension is the willingness to take risks. These two researchers have
come to the conclusion that entrepreneurs who take moderate risks earn higher
returns on their assets than those who take no risks at all or who take extravagant
risks.
Tolerance is the next dimension of this study. Very few decisions are made with
complete information. So all business executives must have a certain amount of
tolerance for ambiguity.
Finally, here is what psychologists call ‘Type A’ behavior. This is nothing but “a
chronic, incessant struggle to achieve more and more in less and less of time”
Entrepreneurs are characterized by the presence of ‘Type A’ behavior in all their
endeavors.
IV. Political Factors
An entrepreneur, however creative he/she may be, cannot function without the
supportive actions of the Government. It is for the government/society to ensure
the availability of required resources for the entrepreneurs and also the
accessibility to them. This is because the successful entrepreneur contributes to the
well being of the society. Policies relating to various-economic aspects like prices,
availability of capital, labour and other inputs, demand structure, taxation, income
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distribution, etc. affect growth of entrepreneurship to a large extent. Promotive

government activities such as incentives and subsidies contribute substantially to
entrepreneurial performance. At the same time, Government policies like licenses,
regulations, favouritism, government monopolies, etc. are undesirable for the
growth of business enterprises. Above all, a Government that is politically stable
and united can affect entrepreneurial activities in a significant manner. Is there a
business entrepreneur in your neighborhoods? Try to gather information on his/her
views on various government policies, for example, on taxation, finance, labour
etc. Also ask him/her about the opportunities and growth prospects of a business
unit. Write down your observations.
India, all the above-mentioned environmental forces have turned in favor of

enterprising men and women. There is a visible change for the better in the highly
inactive entrepreneurial field in the country. The tight grip of religious and
traditional, ideas and practices have begun to loosen. It is encouraging the ‘non-
commercial’ classes to consider economic opportunities more sympathetically. As
a result, occupational division based on caste system has undergone tremendous
traditional activities, social approval etc. have become less important. More
important now, are the economic factors such as access to capital and possession of
entrepreneurial attitudes and business I knowledge.
Development of infrastructure changes in government policies in favor of business

and industry and of course, rise in demand for products manufactured are some of
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the other factors that have led the Indian entrepreneurs to look for new business
opportunities.
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Chanderprabhu Jain College of Higher Studies

Class : BBA (G) Semester-V

Paper Code : BBA (G)-307

Subject : Entrepreneurship Development

Faculty Name : Mr. Aman Garg

Entrepreneurship is a process of actions of an entrepreneur who is a person always

Entrepreneurship is the purposeful activity of an individual or a group of

According to J.A. Timmons

Entrepreneurship is the ability to create and build something from practically

According to Musselman and Jackson

Entrepreneurship is characterized by the following features:

1. Economic and dynamic activity

Entrepreneurship is an economic activity because it involves the creation and

performed continuously in the midst of uncertain business environment, therefore,

Entrepreneurship involves a continuous search for new ideas. Entrepreneurship

The essence of entrepreneurship is the ‘willingness to assume risk’ arising out of

Entrepreneurship involves skillful management. The basic managerial skill is the

Entrepreneurship means accepting challenges amidst risk and uncertainty. While

Next, we find that the process of creating value is a characteristic in describing

Entrepreneurship is a dynamic function. Entrepreneur thrives on changes in the

Other characteristic found in entrepreneurship is that of uniqueness.

11. Interest and Vision

12. Risk and Rewards

Difference between Entrepreneur and Intrapreneur

Difference between Entrepreneur and Intrapreneur

An entrepreneur is independent in his An intraprenuer is dependent on the

An entrepreneur operates from outside. On the contrary, an intrapreneur operates

As an entrepreneur establishes new An intrapreneur establishes his business

Entrepreneurs know the business on a Intrapreneurs are highly skilled and

Difference between an Entrepreneur and a Manager

Basis of Difference Entrepreneur Manager

1. Motive The main motive of an But, the main motive of a

2. Status An entrepreneur is the A manager is the servant in the

3. Risk Bearing An entrepreneur being the A manager as a servant does not

owner of the enterprise bear any risk involved in the

4. Rewards The reward an A manager gets salary as reward

5. Innovation Entrepreneur himself A manager simply execute the

6. Qualifications An entrepreneur needs to On the contrary, a manager needs

nality in thinking, management theory and practice.

7. Focus An entrepreneur is A manager is typically concerned

8. Growth An entrepreneur begins A business manager is focused on

9.Objective Entrepreneur’s objective is Manager’s objective is to supervise

Entrepreneurship offers the following benefits:

1. Development of managerial capabilities

The biggest significance of entrepreneurship lies in the fact that it helps in

Entrepreneurship results into creation of organizations when entrepreneurs

3. Improving standards of living

By creating productive organizations, entrepreneurship helps in making a wide

4. Means of economic development

Entrepreneurship involves creation and use of innovative ideas, maximization of

Innovating is a process of creating, changing, experimenting, transforming and

Entrepreneurship in small businesses helps in distribution of products of large

1) Dispersal of economic activities to different sectors of economy and

4) Develop technological know-how.

5) Improve culture of business and expand commercial activities.

6) Entrepreneurship acts as a change agent to meet the requirements of the

7) Develop a culture of achievement orientation.